2/23/2018

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 Loan Terms

Loan Definitions
Loan Terms (A)
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Loan Terms (C)
Loan Terms (D)
Loan Terms (E)
Loan Terms (F)
Loan Terms (G)
Loan Terms (H)
Loan Terms (I)
Loan Terms (J & K)
Loan Terms (L)
Loan Terms (M)
Loan Terms (N)
Loan Terms (O)
Loan Terms (P & Q)
Loan Terms (R)
Loan Terms (S)
Loan Terms (T)
Loan Terms (U & V)
Loan Terms (W)
Loan Terms (X,Y,Z)

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Mortgage Terms and Definitions (R)

Rate Index: Any one of several indexes that can be used to adjust the interest rate of an adjustable rate loan.

Real Estate: Land and anything permanently affixed to it, such as buildings and fences. The term may also refer to the rights associated with the property.

Real Estate License: A license granted by states to individuals as brokers or salespersons. In order to obtain the license, the individual has to complete educational requirements and take a state prepared examination.

Real Estate Owned (REO): An REO is a property that is owned by a lender that was taken through foreclosure of a mortgage or trust deed and is usually put back on the market for sale. Today, investors can buy real estate owned properties at auction online.

Real Estate Settlement Procedures Act (RESPA): A federal statute that governs the way companies in the real estate field must interact with each other and with their customers.

Realtor: Realtor is a designation given to Real Estate Brokers or Agents who are members of the National Association of Realtors.

Realtist: A designation given to Real Estate Brokers or Agents who are members of the National Association of Real Estate Brokers.

Recision: The right to withdraw from a mortgage agreement within a prescribed period of time, normally three days, after the loan becomes official. The recision period is sometimes called a cooling off period.

Recordings: Filing documents that has an affect on real estate as a matter of public notice. Documents are filed for the benefit of the seller, the buyer, the lender, and all parties involved.

Refinance: The act of renewing or replacing an existing loan on the same property.

Regulation Z: A congressional act that makes it necessary for a lender to provide, in writing, a Good Faith Estimate of Closing Costs to all borrowers. Called the Truth In Lending Act, lenders must also provide the borrowers with copies of all documentation pertaining to the loan.

Reverse Mortgage: A mortgage in which the borrower is paid a certain amount of money each month in which the loan balance increases, causing a negative amortization. The loan is designed for retirees and my have age restrictions. A reverse mortgage is repaid from the future sale of the home at a specified time or at the time when the borrower dies.

Rights of Survivorship: The main characteristic of a joint tenancy relationship in which the interest of the deceased goes to the surviving tenant.


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